Pulse Biosciences announced its financial results for the first quarter ended March 31, 2025, on May 8, 2025. Total GAAP costs and expenses for the quarter were $18.0 million, an increase of $7.4 million compared to $10.6 million in the prior year period. The GAAP net loss for the quarter was ($16.8) million, compared to ($10.1) million in Q1 2024.
The increase in expenses was primarily due to non-cash stock-based compensation and other compensation and administrative expenses, supporting the expanding organization and the advancement of nsPFA device clinical trials and commercialization efforts. Cash used in operating activities during the first quarter of 2025 totaled $13.5 million.
As of March 31, 2025, cash and cash equivalents stood at $119.3 million, which included $14.1 million in net proceeds from warrant exercises during the quarter. The company reiterated its position to launch the nsPFA Percutaneous Electrode System in the second half of 2025 and to commence Investigational Device Exemptions (IDEs) for both the nsPFA Cardiac Surgery System and nsPFA 360 Cardiac Catheter System in mid-2025.
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